By Sarah Mitchell, CPA | Reviewed by: James Okafor, EA TIME SENSITIVE: If your business bank account has been frozen or you have received a CP90 notice, you may have as few as 21 days before the IRS sweeps the funds. Contact a specialist immediately. What Is an IRS Bank Levy? A bank levy is…
By Sarah Mitchell, CPA | Reviewed by: James Okafor, EA Quick Answer: IRS 941 payroll tax penalties can reach 25% of the unpaid amount within days of a missed deposit, plus daily interest compounding at approximately 7.5-8% APR. A $100,000 941 delinquency can become $130,000 or more within 12 months before the IRS even begins…
By Sarah Mitchell, CPA | Reviewed by: James Okafor, EA Quick Answer: When the IRS files a Notice of Federal Tax Lien (NFTL), it becomes public record claiming a superior security interest in all business assets – destroying conventional financing access. You have 30 days to request a CDP hearing. What a Notice of Federal…
By Sarah Mitchell, CPA | Reviewed by: James Okafor, EA | Updated May 2026 Quick Answer Getting a business loan from a traditional bank or SBA lender is essentially impossible with IRS tax debt and an active federal tax lien. The only financing option designed for this situation is business tax debt financing — a…
By Sarah Mitchell, CPA | Reviewed by: James Okafor, EA | Updated May 2026 Quick Answer IRS Form 941 is the Employer Quarterly Federal Tax Return — the form businesses use to report and pay Social Security tax, Medicare tax, and federal income tax withholding. File quarterly (April 30, July 31, October 31, January 31)…
By Sarah Mitchell, CPA | Reviewed by: James Okafor, EA | Updated May 2026 Quick Answer A federal tax lien is the IRS legal claim against ALL of your business property — business and personal — when you fail to pay a tax debt after receiving a demand for payment. The IRS files a public…
